The agreement, which claims to be the biggest financial deal in the industry, follows after the two companies announced in August that all of Wanda's shopping mall will install ETC's smart parking app to enhance customer experience.

ETCP is a smart parking app based on big data and cloud computing. Using this app, users are able to look, reserve, and pay online for parking spaces in real time, Deal Street Asia noted.

Last year, the startup received $50 million series A round from BitAuto.com, SourceCode Capital, and Matrix Partners in China.

The app is currently operating across 10 Chinese cities including Beijing, Guangzhou, Shanghai, and Shenzhen. It has collaborated with more than 5,000 parking spaces in shopping malls, offices, residential areas, and transportation hubs.

Currently, ETCP has several million registered users. It claims that the number will increase to tens of millions over the next two years.